Smart Home Market worth $151.4 billion by 2024

According to the new research report "Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services, and Region - Global Forecast to 2024", the overall smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.02%. The growth of the smart home market is driven by many factors, such as a large base of internet users and rapid adoption of smart devices; increased public awareness of fitness and healthy lifestyles owing to the high disposable income in developing countries; high importance of home monitoring from remote locations; rise in the need for energy-saving and low carbon emission solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; existence of various market players focusing on expanding their smart home product portfolios; and widespread concern about safety, security, and convenience.

The market for smart speakers is likely to grow at a high rate during the forecast period”

The growth of the smart speaker market is primarily driven by the increased adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers. Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

“The market for proactive type software and services to grow at a higher rate during the forecast period”

The proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide the inputs to end users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption. Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end users to take necessary actions to reduce energy consumption; further, based on the user’s actions, measures to control electronic devices can be implemented. Owing to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.

“The smart home market in APAC is expected to grow at a high rate during the forecast period”

The smart home market in APAC is expected to grow at a high rate from 2018 to 2024 owing to the rising number of new residential projects and increasing number of initiatives toward strengthening the building infrastructure in the region. There is a considerable demand for smart homes in APAC countries such as Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, China and South Korea are considered as huge markets for smart home systems due to the high demand for various control devices, including lighting control solutions, in the country. The presence of a large base of end users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in this region. The smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany).

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